Turkey: Request for Stand-By Arrangement and Extension of Repurchase Expectations: Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Turkey

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 412

Publication date: November 2005

ISBN: 9781451838152

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Topics covered in this book

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Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , Turkey , SDR , deficit , Stand-By Arrangement , repurchase expectation , Fund credit , import growth , asset recovery effort , car import , tax administration reform bill , Public sector , Current account deficits , Inflation , Global

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Summary

This paper discusses Turkey’s Request for Stand-By Arrangement (SBA) and Extension of Repurchase Expectations. Turkey’s economic program has delivered impressive results. Output has grown rapidly, inflation has fallen to its lowest level in a generation, and government debt has declined markedly. However, significant vulnerabilities remain. The authorities have prepared a three-year economic program for which they are seeking the support of the IMF. Implemented successfully, the program should help Turkey converge toward the economies of the European Union and exit successfully from IMF financial support.